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- Value Added Tax / VAT
Value Added Tax / VAT
Definition
VAT is a tax on goods collected by businesses and, ultimately, paid entirely by the final purchaser.
As of 01/05/2011 the standard rate is fixed at 19.6% and the reduced rate at 5.5% (for food products, most notably). A specific rate of 2.1% is applied to reimbursable medicines, amongst other things. Certain measures are particular for Corsica and the overseas departments.
